Video consumption over Internet has increased significantly over the recent years and occupies the majority of the overall data traffic. To decrease the load on the Internet infrastructure and reduce bandwidth taken by video, higher efficiency video codecs, such as H.265/HEVC and VP9, have been developed. The availability of these two new competing video coding formats raises the question of which is more efficient in terms of rate-distortion and by how much they outperform the current state-of-the-art coding standard, H.264/AVC. This paper provides an answer to this difficult question for low-delay video applications, e.g., real-time video streaming/conferencing or video surveillance. The benchmarking of HEVC and VP9 video compression was conducted by means of subjective evaluations, assuming web browser playback, an uncontrolled environment, and HD video content. Considering a wide range of bit rates from very low to high bit rates, corresponding to low quality up to transparent quality (when compared to the original video), results show a clear advantage of HEVC with average bit rate savings of 59.5% when compared to AVC and 42.4% when compared to VP9.